Attorney General Roy Cooper also warned citizens about businesses that take advantage of those in need.

"These operations typically collect large, upfront fees, but reach very few settlements with creditors, leaving you deeper in debt," Cooper wrote in a press release. "Under North Carolina law, it's illegal to collect any upfront fee for debt settlement services."

"When people start getting behind (on payments), they start getting late fees," McNeely said, adding that its a downward spiral as more late fees pile up and additional debt increases.

Poor credit history affects consumers' credit scores, which are tools used to gauge consumer activity. Monitoring credit scores is another important way for people to stay on top of their financial situations, McNeely said.

People are allowed to access credit scores once a year from each of the three major credit bureaus. McNeely said each bureau usually provides about the same score, so he recommends using one bureau every four months to keep a watchful eye on credit scores year-round.

"If you see something that isn't yours (on the credit report)," Cooper said, "you may be the victim of identity theft — meaning that someone pretending to be you has opened new accounts or taken on debt in your name."

To report identity theft, call 1-877-5-NO-SCAM for help.

McNeely also recommends making a monthly expense tracker to chart every dollar spent in one month. One of his clients made an expense tracker and realized her family spent almost $400 a month on coffee.

Consumers can track expenditures, discovering where their money goes and what expenses can be trimmed.